May does not expect Quadrangle to raise its bid, and said
it is likely that Greenfield will complete a deal with the
strategic buyer.

Greenfield and Quadrangle declined to comment.

Needham's May maintained his "hold" rating on shares of
Greenfield, which through its websites collects and sells
consumer opinions to marketing research firms and end users.

Greenfield said Quadrangle will get a $5 million
termination fee if the merger deal fell through.

Shares of Wilton, Connecticut-based Greenfield were up 7.7
percent at $17.21 in afternoon trade on Nasdaq. They had
touched a 52-week high of $17.44 on Aug. 13.
(Reporting by Savio D'Souza; Editing by Himani Sarkar, Pratish
Narayanan)